STERLING Products Limited has recorded a profit after tax of $100,356,813 for 2018 compared to 2017 when the company recorded a profit of $144,582,678.
The company, despite adding two new outlets to its assets, recorded some $44,225,865 less than what they earned the previous year.

From a gross profit of $996,931,600, Sterling was required to pay a total of $50,388,250 in taxes compared to 2017 when the company paid $57,914,817.

Sterling products also had to offset administrative expenses of $335,316,167 and distribution and marketing expenses of $512,933,786.
The company is expected to have its Annual General Meeting (AGM) at the Marriott Hotel on April 24.

Some of the items on the agenda include receiving and considering the company’s financial statements for the year ended December 31, 2018; to declare a final dividend of $5.00 per share for the financial year of 2018; to elect directors; and to fix the remuneration of the directors.

According to the company’s website, Sterling Products Limited was incorporated as a Public Limited Liability Company on October 15, 1954, with an authorised share capital of 200,000 ordinary shares with a par value of $10.

It commenced operations with the production of margarine, lard, ghee and soap.
The company began exporting Golden Cream Margarine to Dominica in November 1957.
It embarked on revitalising operations by modification of the soap plant and commissioning of a new plant to improve production of edible fats.

Sterling also commissioned a new plant and a cold room for ice cream production and a three-year contract was made with Banks DIH for the distribution of Bimbo Ice Cream.
The company continued to improve its operation in 1974 by acquiring a versator to improve the quality and quantity of detergent produced. It also later acquired the machinery for packaging margarine in tub containers.

In 1998, the Beharry Group of Companies acquired a majority shareholding in the company. The company’s share capital increased to 20,000,000 ordinary shares in 2000 for the facilitating of its planned rebuilding programme.